Amazon.com, the leading online retailer, is scheduled to report the third quarter results on Thursday, October 22, 2009. In the last four quarters, the company's actual earnings exceeded the market's consensus significantly. I believe the trend will continue in the third quarter as well.

Analysts' estimates for the quarter ending September 2009 (Q3) range from a low of $0.27 to a high of $0.37, with a consensus of $0.327.

For the fiscal quarter ending September 2009, the consensus EPS forecast has remained the same over the past week at $0.327 and decreased over the past month from $0.328 to $0.327 (-0.30%). Of the 30 analysts making quarterly forecasts, 2 raised and none lowered their forecast. For the last seven years, the company's Q3 revenue has been increasing. I don't see any reason, why the trend should break in Q3-2009.

For Q3-2009, the company expects net sales of between $4.75 billion and $5.25 billion, a growth of between 11% and 23%. This guidance (guidance excludes Zappos' financial results and assumes that the company doesn't conclude any additional business acquisitions or investments) anticipates approximately 150 basis point of negative impact from foreign exchange rates. GAAP operating income to be between $120.0 million and $210.0 million, or between 22% decline and 36% growth. This includes approximately $95.0 million for stock-based compensation and amortization of intangible assets.

The guidance seems to be coming true as, Amazon.com has managed to surpass EBAY: 24.5, -0.41 in terms of unique visitors as early as September (last year, Amazon.com surpassed eBay in November and December). Moreover, I am upbeat about, the company's Worldwide unit sales and Worldwide active seller account numbers – this should see a handsome rise in Q3 revenue figures. However, on EPS front, I am bit skeptic. First, though Kindle sales will continue to exceed expectations, reduced the price is expected to impact its margins. Second, inventory management is also expected to hurt the company's margins. Third, foreign exchange rates are expected to continue the impact on margins.

For the fiscal year ending December 2009, the consensus EPS forecast has remained the same over the past week at $1.685 and increased over the past month from $1.684 to $1.685 (0.06%). Of the 29 analysts making yearly forecasts, 3 raised and none lowered their forecast.

Shares are up almost 14% from June 30, and that is even including the drop seen after the last earnings when shares rose to 93.87 in the days before earnings and dropped immediately down to $86.49 the next day. Shares are also up almost 60% from March 9.  Frankly, there is really nothing not to love about Amazon.com.